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CBN disburses $61m to foreign airlines to settle mature forex backlog

 

The Central Bank of Nigeria, CBN, says it has disbursed
61.64 million dollars to foreign airlines through various Deposit Money Banks,
DMBs.

 

According to a statement issued by its Acting Director,
Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the
disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of
pending matured foreign exchange in DMBs.

 

Sidi-Ali said that the initiative was part of the CBN’s
efforts to reduce its remaining liability to the airlines.

 

She said that in the past three months, the CBN had also
redeemed outstanding forward liabilities of close to two billion dollars.

 

“This underscores the CBN ’s commitment to the resolution of
pending obligations and a functional foreign exchange market.

 

“These payments signify CBN’s ongoing efforts to settle all
remaining valid forward transactions, with the aim of alleviating the current
pressure on the country’s exchange rate.

 

“It is anticipated that this initiative would provide a
considerable boost to the Naira against other major world currencies and
further increase investor confidence in the Nigerian economy,” she said.

 

NAN reports that the total trapped fund of foreign airlines
in the country is pegged at about 800 million dollars.

 

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